Feature

Middling Scores

This year's IPOs face tough judging, but the better ones are worth a
look

GOOGLE WAS SUPPOSED TO BE DIFFERENT, a throwback to the halcyon days of the 'Nineties when initial public offerings were lottery tickets that always won. But while the much-hyped search-engine stock did pop to $108 a share in the aftermarket, it actually had much in common with the typical 2003 deal. As has become the rule this year, Google wound up dropping its offering price to $85, the bottom of its already reduced projected range, and cut the number of shares offered to the public. And while some of that had to do with the unusual aspects of the sale, the reduced size and price of the Google deal reflects a...